The Moroccan government has granted Spanish property company Fadesa approval to develop a tourist resort on the Atlantic coast of Spain opposite the Canary Islands.
The Moroccan government has granted Spanish property company Fadesa approval to develop a tourist resort on the Atlantic coast of Spain opposite the Canary Islands.
Along the 40 km of Playa Blanca coastline, Fadesa is planning a large-scale project that will cover an area of 632 hectares, for an investment of EUR 450 mln. The development will include some 5,000 tourist/residential units, a hotel complex, services and leisure facilities, an 18-hole golf course, a retail centre, including handicrafts shops and a spa.
The resort is expected to generate a total of 13,000 jobs, both directly and indirectly, and will be completed in about eight years. It is part of the Plan Azur Vision 2010 governmental plan intended to boost the economy in the country attracting tourism and creating 600,000 new jobs.
In 2000, the Spanish builder entered the Moroccan property market and has since built up its presence in the country. Today, it is one of the leading foreign investors, with developments in Casablanca, Saïdia, Marrakech, Rabat, Agadir and the Smir coast. The company is currently developing the Mediterrania Saïdia resort on Morocco's northern coast. It comprises some 3,000 residential units and 16,000 hotel beds, three golf courses, leisure and service areas.
Fadesa is also developing a large-scale project in Tangier's city centre, which includes some 850 residential units, two hotels, a large office building and a leisure centre on the shores of the Bay of Tangiers. In Palmeral de Marrakech, Fadesa is investing some EUR 300 mln to develop about 2,600 homes, three hotels, one 18-hole golf course and a retail centre.
